REUTERS: Wall Street gained on Thursday as jobless claims declined for the third straight week, raising hopes the worst of the coronavirus pandemic's impact on the labor market might be over, but a crash in business activity dulled sentiment.
U.S. stock indexes have rallied this month on a raft of global stimulus, but the benchmark S&P 500 remains more than 15per cent below its record high as worsening economic indicators foreshadow a deep global recession. "The worst is probably over in terms of the epidemic, but with oil prices at these levels, there will be layoffs coming in from the energy sector and that will offset the fact that states are beginning to open up," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
At 10:16 a.m. ET the Dow Jones Industrial Average was up 174.55 points, or 0.74per cent, at 23,650.37, the S&P 500 was up 22.97 points, or 0.82per cent, at 2,822.28 and the Nasdaq Composite was up 76.69 points, or 0.90per cent, at 8,572.07.
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